Actual (Apr): CZK -6.74bn
Previous (Mar): CZK 1.5bn
The current account balance worsened in April, which was expected. The headline figure is somewhat below the forecast but the difference is not significant compared with the previous volatility of the indicator. The trade balance surplus decreased in April as export slowed more than import. The balance of services is quite stable and remains in green, too. On the other hand, the C/A is driven down by the income balance as dividend outflow weighs.
Overall, the C/A data are not surprising and should not have any significant impact on financial markets. Similarly, we see them as neutral for our interest rates outlook.